对ACCA考试科目F9知识点“Bonds”的详细解答

　　ACCA 国际注册会计师考试的F9科目的主要内容是针对财务管理方面的，作为F阶段最后一个科目，其一些难点另很多ACCA学员很是苦恼，譬如ACCA F9的知识点“Bonds：，今天小编就给大家解决一下F9科目的”Bonds“：

　　1.Bond-a written acknowledgement of a debt,usually given under the company's seal,containing provisions for payment of interest and repayment of principal.The debt may be secured on some or all of the company's assets.

Type	Secured Bonds	Unsecured Bonds
Security and voting rights	- Can be secured by one or more specific asset（e.g.over property）,this is known as a fixed charge. 　- Secured by a class of assets（e.g.net current assets or working capital）,this is known as a floating charge. 　- On default,the assets used as security are sold and the proceeds applied towards repaying the debt. 　- No voting rights.	- No security. 　- Holders have the same rights as ordinary creditors. 　- No voting rights.
Income	- A fixed annual amount（interest）,usually expressed as a percentage of nominal value.	- A fixed annual amount（interest）,usually expressed as a percentage of nominal value.

　　In the UK,bonds are usually issued with a face value of？100.

　　They can be traded on the bond market and reach a market price.

　　Hence,if a bond is“selling at a premium of 15%”,this means that a bond with a face value of？100 is currently selling for?115.

　　This indicates that the rate of interest on this bond is attractive when compared with current market rates,creating demand for the bond and a rise in price.*

　　In the US the face value of a bond is usually$1，000.

　　2.Deep Discount Bonds

　　Deep discount bonds-bonds issued at a large discount to nominal value（i.e.issued well below face value）and redeemable at par on maturity.*

　　With deep discount bonds,investors receive a large capital gain on redemption,but are paid a low rate of interest,if any,during the term of the loan.

　　These bonds offer a cash flow advantage to the borrower.This is especially useful for financing projects which produce weak cash flows in early years.

　　3.Zero-Coupon Bonds

　　Zero-coupon bonds-bonds issued at a discount to face value and which pay zero annual interest.

　　Zero-coupon bonds have the following advantages：

　　The issuing company pays no interest and the only cash payout is at the bonds'maturity.

　　Investors gain from the difference between issue and redemption price.

　丨2016年9月份考试即将开始，为了帮助广大ACCA考生提升考试通过率，中国ACCA考试网汇总了一些ACCA考试科目难点解析，希望可以帮助到大家。